The Capital Park Group, investor of the Eurocentrum Office Complex, an ecological class A+ office building located on Jerozolimskie Avenue in Warsaw, has signed a loan agreement with Bank Pekao SA to finance the project.
The Eurocentrum Office Complex will be the largest sustainable office building in Poland.
The PLN 324 million (approx. 77.5 million) loan awarded by Bank Pekao SA will cover the majority of project costs in the standard financing structure for investments of its kind. The remaining funds will be derived from the investor's own capital and contributed by the sole shareholder - Capital Park SA. The loan covers construction costs, VAT and also ensures funding for the investment phase.
The loan is denominated in PLN (in respect of the construction loan and VAT) and in euro (in respect of the investment loan). "The agreement with the bank secures necessary funding for the project and allows us to proceed with construction work scheduled for the first phase (Beta and Gamma buildings) within the full scope envisaged by our agreement with the general contractor."
"The loan agreement was concluded based on previously agreed general financing terms," Member of the Management Board in the Capital Park Group Marcin Juszczyk says.
The Eurocentrum Office Complex will be the largest sustainable office building in Poland. It will offer future tenants a range of benefits, including effective use of office space, optimum influx of natural light to offices and lower charges thanks to lower operating costs.
Users will also enjoy an exceptionally friendly working environment. All 'green' solutions have been confirmed in two successful phases of LEED CS GOLD certification.
Preliminaries have already been completed and the main construction phase is under way with completion scheduled for the second quarter of 2014. ERBUD S.A. is the general contractor for the project, Cushman & Wakefield is the authorized letting agent and the design is the work of a renowned architecture firm PRC Architekci.
Source: Mediadem Consulting